October 20, 2023 (MLN): Shell Pakistan Limited (PSX: SHEL) has officially stated that the company possesses no information regarding any supposed interest from Saudi Aramco in acquiring Shell Pakistan Limited.
SHEL has issued a notice today in reference to the various articles appearing in the print and electronic media reporting Saudi Aramco’s purported interest in acquiring the company.
To note, Prax Overseas Holdings Limited publicly announced on Monday its intention to acquire up to 77.42% of the issued and paid-up share capital and control of SHEL.
It is worth mentioning that Shell Petroleum Company Limited (SPCo) announced on June 14 its intention to sell its shareholding in SHEL.
The notice issued by the company added that any sale would be subject to a targeted sale process, the execution of binding documentation, and the receipt of applicable regulatory approval.
At the time of writing, SHEL's share is being traded at Rs161, down by 1.77 rupees or 1.09% compared to the previous close.
